仪式现场，希荻微董事长陶海表示，公司将依托粤港澳大湾区产业协同与人才优势，把新落成的希荻大 厦打造为创新总部基地，整合技术研发储备、量产测试、运营管理、集成电路科创中心及国际人才中心 功能，力争成为佛山南海乃至大湾区集成电路产业对外展示的 "窗口名片"。 未来，希荻微将以新总部为支点，持续聚焦模拟芯片赛道技术迭代与产品创新，推动企业高质量发展再 提速。 希荻微2012年诞生于佛山南海，深耕模拟芯片领域13年，已形成多元化的产品矩阵，是国内少有的兼具 技术突破与市场竞争力的集成电路设计商。公司2014年成功推出首款开关充电芯片并实现商业化落地， 此后持续拓展产品边界，现已覆盖DC/DC芯片、锂电池充电管理芯片、端口保护和信号切换芯片以及 自动对焦和光学防抖芯片等多类关键器件，客户群体囊括三星、小米等全球一线手机品牌，以及奥迪、 现代起亚等知名汽车厂商，构建起横跨消费电子与汽车电子的多元化客户体系。 值得关注的是，希荻微凭借自主研发实力打破国外企业在模拟芯片领域的长期垄断，其核心产品通过美 国高通全球参考设计认证，成为国内少数获此资质的集成电路企业，技术实力与产品兼容性获国际市场 高度认可。 中证报中证网讯（王珞 ...

Core Viewpoint - Halo Microelectronics Group Co., Ltd. reported significant growth in revenue for the first half of 2025, with a 102.73% increase compared to the same period last year, driven by rising demand for high-performance power management chips and the expansion of its product lines [3][4]. Company Overview and Financial Indicators - The company is a leading semiconductor and integrated circuit design enterprise in China, focusing on the research, design, and sales of analog integrated circuits and mixed-signal integrated circuits, including power management chips and signal chain chips [6][11]. - For the reporting period, the company achieved operating revenue of approximately 466.45 million yuan, compared to 230.09 million yuan in the same period last year [4]. - The net loss attributable to shareholders narrowed to approximately 44.69 million yuan from 117.54 million yuan year-on-year, indicating improved operational efficiency and cost control [4][5]. Industry Context - The integrated circuit industry is experiencing rapid growth due to advancements in AI, 5G communication, IoT, and autonomous driving technologies, which are driving innovation and upgrades within the sector [6]. - The global analog chip market is projected to exceed $100 billion by 2025, with a compound annual growth rate of 5.1% [6]. - China's integrated circuit industry, despite its late start, is becoming a major driver of global growth, supported by strong market demand and favorable policies [6]. Main Business Operations - The company’s product offerings include DC/DC chips, lithium battery charging management chips, port protection and signal switching chips, and voice coil motor driver chips, which are widely used in consumer electronics and automotive applications [6][8][9]. - The company has successfully integrated its products into the supply chains of major global brands such as Samsung, OPPO, and Xiaomi, enhancing its market presence [8][9]. Research and Development - The company invests significantly in R&D, with R&D expenses accounting for 28.65% of operating revenue, although this represents a decrease from the previous year due to increased revenue [4][5]. - The company is focusing on expanding its chip applications in AI and enhancing its product offerings to meet the growing demands of the market [6][11].

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 17.91 CNY based on a 7.5x P/S ratio for 2025 [2][11]. Core Insights - The company is a leading domestic analog chip design firm, focusing on power management and signal chain chips, and has established a dual-driven model in consumer electronics and automotive electronics [5][15]. - The analog chip industry is approaching a turning point, with inventory destocking nearing completion, indicating a potential recovery in the market [5][46]. - The company has been actively expanding its business through acquisitions, including exclusive rights to Korean technology and stakes in other firms, enhancing its product offerings and market position [5][11]. Summary by Sections Company Overview - Founded in 2012, the company initially focused on power management chips and has since expanded into signal chain chips, establishing a dual-driven model in consumer and automotive electronics by 2021 [5][15]. - The company has a concentrated shareholding structure, with key management having extensive industry experience [30][34]. Industry Outlook - The analog chip industry has been in a downturn since Q4 2022, but signs of recovery are emerging as major players like Texas Instruments and Analog Devices report revenue growth [5][46][51]. - The domestic market for analog chips is expected to benefit from a shift towards local suppliers, with a projected self-sufficiency rate of only 16% in 2024 [5][46]. Business Strategy - The company is leveraging its core power management chip business while expanding into new product lines, including audio motor driver chips and other innovative solutions [5][8][10]. - Recent acquisitions, such as the stake in Zinitix and the planned acquisition of Chengxin Micro, are aimed at enhancing the company's product matrix and competitive edge [5][11][20]. Financial Projections - The company is projected to achieve revenues of 9.80 billion CNY in 2025, with a gradual increase to 15.88 billion CNY by 2027, alongside a return to profitability by 2026 [6][11]. - The financial outlook reflects a significant recovery from previous losses, with expectations of narrowing losses in the near term [6][36].

公司代码：688173 公司简称：希荻微 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、重大风险提示 公司已在报告中详细描述可能存在的相关风险，敬请查阅第三节 管理层讨论与分析"四、风险因素"部 分内容。 3、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 4、公司全体董事出席董事会会议。 5、立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 √适用 □不适用 1.1公司股票简况 7、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 因公司2024年度实现归属于母公司所有者的净利润为负，且充分考虑到公司目前处于快速发展期，经营 规模不断扩大，资金需求较大，为更好地维护全体股东的长远利益，公司拟定的2024年度利润分配预案 为：不派发现金红利，不送红股，也不以资本公积转增股本。公司2024年度 ...